Legal

Singapore: Moratorium application of Energe Asia dismissed by High Court

As of 21 November 2025, Energe Asia collectively owed approximately USD 39 million to 29 unsecured creditors.

Published

6 months ago

January 9, 2026

Admin

A four-month moratorium proposed by Singapore-incorporated bunkering firm Energe Asia Pte Ltd (the Applicant) was dismissed by the General Division of the High Court in an ex-tempore judgment on 23 December 2025.

Judicial Commissioner Mohamed Faizal noted Energe Asia satisfied procedural requirements required for the moratorium application. However, the act was not performed in good faith with insufficient evidence of creditor support.

“I make one final point. Each of the points I have raised may perhaps have benign explanations to them. However, when put together, it is hard not to infer a very real risk that the Applicant is using the moratorium and scheme process to sideline genuine creditors, to sell assets at a undervalue to associated parties, and to dissipate any monies received, or to use such monies in a selective manner to prefer some creditors over others,” he concluded.

“As can be seen above, there is a consistent trend of selling assets in seemingly questionable circumstances to associated entities, of deeming valueless ostensibly deeply valuable assets, of downplaying assets with a view, it would seem, to painting as dire a picture as possible of the Applicant’s financial position, and of many millions suddenly being unaccounted for by virtue of ‘operating expenses’.

“There are also real concerns that the Applicant is seemingly looking to ‘right-size’ the creditor base by electing to remain silent about the nature of the debts to creditors who support the Application despite serious questions having been raised, while at the same time opportunistically disputing the debts to creditors who object to the Application.”

As of 21 November 2025, Energe Asia collectively owed approximately USD 39 million to 29 unsecured creditors. The following creditors mentioned in the judgment are:

Marin Selatan Sdn Bhd, the Applicant’s largest unsecured creditor, is allegedly owed approximately USD 19.03 million.
PETCO Trading Labuan Co Ltd (PETCO), the Applicant’s second largest unsecured creditor, is allegedly owed approximately USD 4.61 million.
Olea Global Pte Ltd, the Applicant’s third largest unsecured creditor, is allegedly owed approximately USD 3.72 million.
Propeller Fuels Ltd, the Applicant’s fourth largest unsecured creditor, is allegedly owed approximately USD 2.98 million.
Seroja Resources Pte Ltd, the Applicant’s sixth largest unsecured creditor, is allegedly owed approximately USD 1.24 million.
Aditya Birla Global Trading (Singapore) Pte Ltd, the Applicant’s seventh largest unsecured creditor, is allegedly owed approximately USD 1.07 million.
The Hawks DMCC, the Applicant’s eighth largest unsecured creditor, is allegedly owed approximately USD 971,000.
Flex Commodities FZCO, the Applicant’s ninth largest unsecured creditor, is allegedly owed approximately USD 922,000.
World Properties Pte Ltd, the Applicant’s 15th largest unsecured creditor, is allegedly owed approximately USD 44,000.

Note: The full 29-page ex-tempore judgment of the above case can be found from the General Division of the High Court here.

Note: An Energe Asia representative has informed Manifold Times it will be submitting a point-by-point rebuttal to the court in response to the above development.

Photo credit: Manifold Times
Published: 9 January 2026

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Singapore withdraws remaining 127 charges against Hin Leong founder OK Lim

Lim Oon Kuin, also known as OK Lim, was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges on 17 July.

Published

17 hours ago

July 21, 2026

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Founder of collapsed oil trader Hin Leong Trading, Lim Oon Kuin, also known as OK Lim, has had the remaining 127 charges against him withdrawn, according to The Straits Times on Monday (20 July).

OK Lim was issued a stern warning and a district court granted him a discharge amounting to an acquittal for these charges, including those for cheating, on 17 July. The discharge means Lim cannot be prosecuted again for the same offences.

Lim, 84, is currently serving a 13½-year prison sentence after the High Court reduced his original 17½-year jail term in March 2026. He was convicted in 2024 on two cheating charges and one count of abetting forgery in a case prosecutors described as one of Singapore’s most serious trade finance frauds.

Lim was convicted in May 2024 of two charges of cheating the Hongkong and Shanghai Banking Corporation (HSBC) and one count of abetting forgery that proceeded to trial out of a total of 130 criminal charges.

He was first charged in court on 14 August 2020, and was subsequently handed further charges in court on 25 September 2020, 30 April 2021 and 24 June 2021 for his role in perpetuating fraud on various financial institutions.

A total of 130 charges were eventually brought against him for cheating and forgery-related offences.

Photo credit: Sora Shimazaki
Published: 21 July, 2026

Winding up

Singapore: Coastal Logistics Pte Ltd to be wound up voluntarily

Coastal Logistics was reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

Published

17 hours ago

July 21, 2026

Admin

Several resolutions for Coastal Logistics Pte Ltd were made during an extraordinary general meeting held on 14 July, according to a notice in the Government Gazette on Friday (4 July).

The following resolutions were duly passed during the meeting:

As Special Resolution

That it has been proved to the satisfaction of the meeting that the Company cannot by reason of its liabilities continue its business and accordingly the Company be wound up voluntarily pursuant to Section 160(1)(b) of the Insolvency, Restructuring and Dissolution Act 2018 (No. 40 of 2018);

As Ordinary Resolutions

that Mr. Wong Pheng Cheong Martin and Ms. Koay May Yee, both care of FTI Consulting (Singapore) Pte Ltd, One Raffles Quay, #27-10 South Tower, Singapore 048583 be appointed as the joint and several Liquidators of the Company for the purpose of such winding up; and
that the Liquidators be at liberty to open, maintain and operate any bank account(s) or account(s) for monies received by them as Liquidators with such bank(s) as they deem fit; and
that a Committee of Inspection will not be formed.

Manifold Times previously reported Nicholas James Gronow, director of Heng Tong Fuels & Shipping and Coastal Logistics, filed statutory declarations for both companies stating the firms cannot continue their businesses due to liabilities.

Both companies were reportedly affiliated with troubled Singapore bunker player Coastal Oil (Singapore) Pte Ltd.

In 2019, several vessels owned by both firms entered the sale & purchase (S&P) market in Singapore.

Photo credit: Drew Beamer
Published: 21 July, 2026

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Singapore: Liquidator of Nan Shan Maritime Pte Ltd issues notice of dividend

Third interim dividend to admitted unsecured claims of Nan Shan Maritime is payable from 15 July, according to Government Gazette notice.

Published

6 days ago

July 16, 2026

Admin

A notice of dividend for Nan Shan Maritime Pte Ltd, which is currently in creditors’ voluntary liquidation, was published on the Government Gazette on Wednesday (15 July).

The following are the details of the notice:

Name of Company : Nan Shan Maritime (Pte.) Ltd.(In Creditors’ Voluntary Liquidation)
Unique Entity No. / Registration No. : 201701967H
Address of Registered Office : 10 Anson Road, #10-10, International Plaza, Singapore 079903
Amount per centum : 5.00 Per Centum of all admitted unsecured, claims
First and Final or Otherwise : Third Interim
When Payable : 15 July 2026
Where Payable : Entitlements will be made by way of cheque.

Photo credit: Drew Beamer
Published: 16 July, 2026